Deputy Prime Minister Heng Swee Keat, who also happens to be the Finance Minister, revealed the name of Budget 2021.

Unlike the single-word-name Budgets of the previous year, Heng has gone for a hat-trick.

2021 shall be known as the year of the Emerging Stronger Together Budget.

E.S.T.

The name is reminiscent of the Singapore Together movement, a platform by the 4G leadership to involve the public in the process of making policy, and has been frequently referred to by Heng in his speeches.

In a Facebook post on Feb. 15, Heng said that the name was chosen to focus on coming out of the Covid-19 crisis stronger, and forging partnerships to meet the challenges ahead.

To achieve this, Singaporeans need to find new ways to work together, innovate and transform the economy.

He also said that the social compact needs to be strengthened and Singaporeans need to support each other, especially those with greater needs.

He also mentioned sustainability and the importance of fighting climate change.

No hongbaos?

Heng also signalled that observers hoping for generous hongbaos (red packets with money, i.e. monetary benefits) from the Budget might be disappointed.

Heng said, "Importantly, we must continue to be prudent in our spending, and leave a better future for our children."

He also shared an anecdote about a resident in his seventies who asked if the finance supremo would be handing out hongbaos, but "turned serious" and said that the Budget should not be about goodies, and it is more important to build up people's abilities.

In 2020, a truly terrible year on the economic front, the government released four Budgets (Unity, Solidarity, Resilience and Fortitude) that included S$92.9 billion to help mitigate the pernicious effects of the Covid-19 crisis.

Heng cautioned that the fiscal situation will continue to be "tight" in the coming years, and that Financial Year 2020 will end with a record budget deficit. However, thanks to the reserves built up by previous generations, the measures could be funded.

You can see Heng's post below: